Exciting days are ahead for America’s oil and gas industry.
The global oil prices are in the process of fast recovery and the American oil and gas industry is beginning to come out of its slumber. As drillers begin to stand up rigs and prepare for industry growth, the energy sector is preparing to reap the benefits of the increased oil prices.
However, the seemingly bright future does present its own set of challenges for the industry. And one of the biggest of those challenges is the ability to find enough workers to support and sustain growth in the future.
An industry that has, for so long, strived to flush out more and more employees out of the system may find it hard to regain the workforce and build a momentum towards progress. And the task at hand is not easy. The energy sector would need to find as many as 100,000 employees in the next two and a half years.
But it’s about what the industry wants. It’s about whether the potential employees are willing to jump back in the industry that offers them so little job security. The situation becomes even more critical when we look at the robust job creation in the American economy. In the month of June alone, the US added a total of 287,000 jobs. In a healthy job market, oil companies would need to go out of their way to attract more workers.
What about Canada?
Canada’s economy was particularly hurt by the drop in global oil prices. Some of the primarily oil producing provinces suffered from weak economic growth. Many projects were kept on hold until the global oil prices reached a particular benchmark.
But will the recovery in the oil prices give a boost to Canadian economy? So far, the possibility remains a distant one. Compared to America’s job statistics, the employment situation in Canada seems dismal. The Canadian dollar also failed to capitalize on the rising oil prices.
Maybe it’s time for the government to readjust its priorities.